Friday, March 2, 2012

Charlotte-based women's apparel retailer Cato is still struggling with falling sales at stores open a year or more, as the company reported they fell 5 percent last month.

Sales at stores open for a year or more are considered a key indicator of a retailer's health, because they exclude the impact of store openings or closing and give a more accurate comparison of performance. Same-store sales were down 5 percent in February compared to February 2011, Cato said Thursday.
February was the eighth straight month of declining same-store sales for Cato.

Overall sales were down 3 percent in February, at $83.9 million.

"February sales were slightly weaker than our recent trend reflecting the continuing difficult economic environment and, to a lesser extent, the impact of tax refund delays," said CEO John Cato, in a statement.

Cato operates nearly 1,300 stores in 31 states, including its namesake Cato stores, Versona accessory stores and It's Fashion stores. The chain had revenue of $197 million in the third quarter, its most recently reported, and profits of $6.1 million.

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Katie Peralta

Katie Peralta

About this blog

Katie Peralta covers retail and breaking business news for the Charlotte Observer. She previously wrote about the U.S. economy from inside the Beltway. If you have a tip or story idea, you can reach Katie at 704-358-5079 or by email. She's also on twitter: @katieperalta.